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Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
 The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its global sovereign sector outlook to neutral from improving. The impact of the Ukraine war and consequent sanctions on geopolitical risk, trade and capital flows, and economic growth and inflation will not be resolved in 2H22.
Policy responses are driving the fiscal effects of inflation, making post-Covid-19 pandemic consolidation that was evident last year less certain. Meanwhile the Federal Reserve and most other major central banks will tighten policy much more aggressively than anticipated, adding to funding stresses for emerging markets (EMs) with limited local-currency financing options. Commodity exporters are benefiting from high prices, but EMs that are net commodity importers face high gross external funding needs.
Sector outlooks are a general forward-looking assessment of underlying conditions relative to the prior calendar year. Emerging Europe and sub-Saharan Africa (SSA) are the only regions with deteriorating sovereign sector outlooks, indicating that we now see underlying conditions as being worse than in 2021. Sovereigns in the Commonwealth of Independent States (CIS) are exposed to Russia’s economic contraction, and many sovereigns in central and eastern Europe have insufficient alternative energy sources if Russia ceases gas exports.
Inflation and tighter global financial conditions are further weakening SSA’s macroeconomic prospects, and in many cases, the cost and availability of external financing. The region’s main oil exporters will gain from higher prices, although domestic fuel subsidies limit the fiscal benefit for Nigeria.
In western Europe, weaker GDP growth will slow, but not reverse, fiscal consolidation, while we expect APAC economies generally to continue recovering, albeit more slowly. Both regions’ sector outlooks are now neutral, versus improving at the start of the year. But while much of APAC gains from economic reopening, near-term growth in Greater China will be partly influenced by ‘zero Covid’ policies, and we expect China’s economy to grow just 3.7% this year following lockdowns in 1H22. Our Greater China sector outlook remains neutral.
Our neutral sector outlooks for North America and Latin America are also unchanged. US recession risks have risen, but its financing needs are declining and the strong post-pandemic rebound boosted revenues. Latin America’s economic recovery has remained fairly resilient as the pandemic has receded, allowing economic reopening to continue, while higher commodity prices improve terms-of-trade for some. But measures to cushion households from higher fuel and food prices are reducing the net fiscal benefits for commodity exporters and slowing consolidation elsewhere. Difficult political backdrops continue to complicate efforts to tackle underlying growth and fiscal challenges.
The Middle East and North Africa (MENA) is the only region to maintain its improving sector outlook assigned at end-2021. Oil-exporting sovereigns will register significantly stronger public finances and growth in 2022, although the economic picture will be much more challenging outside the Gulf Cooperation Council. The MENA sector outlook is supported to varying degrees by reform momentum as well as by the more constructive regional political dynamics that emerged last year.
Sector outlooks are distinct from Rating Outlooks. Notwithstanding the effects of the war in Ukraine and higher inflation, the numbers of Positive and Negative Rating Outlooks are almost equal in Fitch’s global sovereign portfolio after the balance was deeply negative during the pandemic. This partly reflects the stabilisation of Outlooks on some sovereigns, including Japan, India and Panama, since end-2021. Downgrades to Ukraine, Belarus and Tunisia have taken their ratings to ‘CCC’, where Fitch does not assign Outlooks to sovereign ratings.
More broadly, with a record-high share of sovereigns rated in the ‘B’ category or lower, additional sovereign defaults are likely as EM commodity importers face tighter global funding conditions.
Source: Fitch Ratings
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Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
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Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
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Showing 271 to 275 news of total 6871 |
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- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Australian Coal Association
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
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